In a recent development, Ether options open interest has been dominated by calls, reflecting a bullish market structure as traders anticipate ETF trading ¹. This comes after the U.S. Securities and Exchange Commission approved Ether spot ETFs last Thursday, although it may take a few weeks or months for them to go live.

Here are some key points to consider:

- *Bullish Sentiment*: The dominance of calls in Ether options open interest indicates a bullish sentiment in the market, with traders anticipating an increase in institutional demand from spot Ether exchange-traded funds ¹.

- *Implied Volatility*: Implied volatility for near-term Ether calls is higher than that for Bitcoin, indicating that derivatives market participants anticipate upward price movements for Ether ¹.

- *Ether ETFs*: The approval of Ether spot ETFs by the U.S. Securities and Exchange Commission is expected to increase institutional demand, although it may take some time for them to go live ¹.

- *Options Open Interest*: The largest increases in Ether options open interest over the past 24 hours were primarily in calls, indicating a positive structural outlook for Ether ¹.

- *Put-Call Ratio*: The put-call options ratio is below one, indicating that the call volume exceeds the put volume, signifying bullish sentiment in the market ¹.

- *Elevated Implied Volatility*: Implied volatility for near-term Ether calls is higher than that for put options, indicating that the market is anticipating upward price movement or greater demand for call options relative to put options ¹.

- *Ether Price*: Ether's price increased by a muted 0.5% in the past 24 hours and was changing hands for $3,922 at 6:24 a.m. ET ¹.

- *GM 30 Index*: The GM 30 Index, representing a selection of the top 30 cryptocurrencies, increased by 0.43% to 146.98 in the same period ¹.

In summary, the dominance of calls in Ether options open interest, the approval of Ether spot ETFs, and the elevated implied volatility for near-term Ether calls all point towards a bullish sentiment in the market. However, a potential breakout for the Ether price will have to wait until there is more clarity on the S-1 approvals.